Resulting in Earnings per Share of NT$ 0.08 or Earnings per ADS of
US$ 0.01 for First Quarter 2009 TAICHUNG, Taiwan, April 29
/PRNewswire-Asia-FirstCall/ -- Siliconware Precision Industries
Co., Ltd. ("SPIL" or the "Company") (Taiwan Stock Exchange: 2325;
Nasdaq: SPIL) today announced that its sales revenues for the first
quarter of 2009 were NT$ 9203 million, which represented a 26.1%
decrease in revenues compared to the fourth quarter of 2008 and a
38.4% decline in revenues compared to the first quarter of 2008.
SPIL reported a net income of NT$ 262 million for the first quarter
of 2009, compared with a net loss of NT$ 1,034 million and a net
income of NT$ 1,753 million for the fourth quarter of 2008 and the
first quarter of 2008, respectively. Diluted earnings per ordinary
share for this quarter was NT$ 0.08, and diluted earnings per ADS
was US$ 0.01. Operating results review: -- For the first quarter of
2009, net revenues from IC packaging were NT$ 8,521 million and
represented 92% of total net revenues. Net revenues from testing
operations were NT$ 682 million and represented 8% of total net
revenues. -- Cost of goods sold was NT$ 8,324 million, representing
a decrease of 17.2% compared to the fourth quarter of 2008 and a
decrease of 29.8% compared to the first quarter of 2008. -- Raw
materials costs were NT$ 4,186 million for the first quarter of
2009, and represented 45.5% of total net revenues, whereas raw
materials costs were NT$ 5,381 million and represented 43.2% of
total net revenues for the fourth quarter of 2008. -- The accrued
expenses of bonuses to employees accounted for under cost of goods
sold totaled NT$ 25 million. -- Gross profit was NT$ 879 million
for the first quarter of 2009, representing a gross margin of 9.5%,
which decreased from a gross margin of 19.3% for the fourth quarter
of 2008 and decreased from 20.6% for the first quarter of 2008. --
Total operating expenses for the first quarter of 2009 were NT$ 689
million, which included selling expenses of NT$ 107 million,
administrative expenses of NT$ 345 million and R&D expenses of
NT$ 237 million. Total operating expenses represented 7.5% of total
net revenues for the first quarter of 2009. -- In the first quarter
of 2009, the accrued expenses of bonuses to employees, directors
and supervisors accounting for under operating expenses totaled NT$
9 million. -- Operating income was NT$ 190 million for the first
quarter of 2009, representing an operating margin of 2.0% for the
first quarter of 2009, which decreased from 9.8% for the fourth
quarter of 2008 and decreased from 14.5% for the first quarter of
2008. -- Non-operating items: -- Net interest income was NT$ 6
million for the first quarter of 2009. -- Our net currency exchange
gain of NT$ 175 million for the first quarter of 2009 was mainly
due to appreciation of our US dollar denominated asset as a result
of an appreciation in the foreign currency exchange rate of the US
dollar against NT dollar, our reporting currency. -- Our net loss
on long-term investment of NT$ 97 million for the first quarter of
2009 was primarily due to investment loss of NT$ 98 million from
SPIL BVI. -- Net income before tax was NT$ 317 million for the
first quarter of 2009, which increased from a net loss of NT$ 1,647
million for the fourth quarter of 2008 and decreased from a net
income of NT$ 1,983 million for the first quarter of 2008. --
Income tax expense was NT$ 55 million for the first quarter of
2009, compared with income tax credit of NT$ 613 million for the
fourth quarter of 2008 and income tax expense of NT$ 230 million
for the first quarter of 2008. -- Net income was NT$ 262 million
for the first quarter of 2009, which increased from a net loss of
NT$ 1,034 million for the fourth quarter of 2008 and decreased from
a net income of NT$ 1,753 million for the first quarter of 2008. --
Total number of shares outstanding was 3,136 million shares as of
Mar 31,2009. Diluted earnings per ordinary share for this quarter
was NT$ 0.08, or US$ 0.01 per ADS. Capital expenditure and balance
sheet highlight: -- Our cash balances totaled NT$ 18,448 million as
of Mar 31, 2009 from NT$ 17,866 million as of Dec 31, 2008, and NT$
24,296 million as of Mar 31, 2008. -- As of Mar 31, 2009 our
long-term bank loans totaled NT$ 2,243 million, compared with total
long-term bank loans of NT$ 2,248 million as of Dec 31, 2008. --
Capital expenditures for the first quarter of 2009 totaled NT$ 404
million, which included NT$ 314 million for packaging equipment and
NT$ 90 million for testing equipment. -- Total depreciation
expenses for the first quarter of 2009 totaled NT$ 2,088 million,
which included NT$ 1,466 million was from packaging operations and
NT$ 622 million from testing operations. IC packaging service: --
Net revenues from IC packaging operations were NT$ 8,521 million
for the first quarter of 2009, which represented a decrease of NT$
2,929 million or 34.4% compared to the fourth quarter of 2008. --
Substrate-based packaging, leadframe-based packaging and wafer
bumping & FCBGA accounted for 47%, 30% and 13%, respectively,
of total net revenues for the first quarter of 2009. -- Capital
expenditures for IC packaging operations totaled NT$ 314 million
for the first quarter of 2009, which included NT$ 240 million for
packaging and building construction and NT$ 74 million for wafer
bumping operations. -- As of Mar 31, 2009 we had 4,652 wirebonders
installed, of which 4 were disposed in the first quarter of 2009.
IC testing service: -- Net revenues from testing operations were
NT$ 682 million for the first quarter of 2009, which represented a
decrease of NT$ 317 million or 31.7% compared to the fourth quarter
of 2008. -- Capital expenditures for testing operations totaled NT$
90 million for the first quarter of 2009. -- As of Mar 31, 2009 we
had 375 testers installed, of which 1 tester was added in the first
quarter of 2009. Revenue Analysis Breakdown by end applications: By
application 1Q09 4Q08 3Q08 Computing 29% 31% 33% Communication 33%
29% 27% Consumer 22% 24% 24% Memory 16% 16% 16% Breakdown by
packaging type: By packaging type 1Q09 4Q08 3Q08 Bumping &
FCBGA 13% 15% 15% Substrate Based 47% 52% 44% Leadframe Based 30%
23% 30% Testing 8% 8% 9% Others 2% 2% 2% About SPIL Siliconware
Precision Industries Ltd. ("SPIL")(NASDAQ: SPIL; Taiwan Stock
Exchange: 2325) is a leading provider of comprehensive
semiconductor assembly and test services. SPIL is dedicated to
meeting all of its customers' integrated circuit packaging and
testing requirements, with turnkey solutions that range from design
consultations, modeling and simulations, wafer bumping, wafer probe
and sort, package assembly, final test, burn-in, to drop ship.
Products include advanced leadframe and substrate packages, which
are widely used in personal computers, communications, Internet
appliances, cellular phones, digital cameras, cable modems,
personal digital assistants and LCD monitors. SPIL supplies
services and support to fabless design houses, integrated device
manufacturers and wafer foundries globally. For further
information, visit SPIL's web site at http://www.spil.com.tw/ .
Safe Harbor Statement The information herein contains
forward-looking statements within the meaning of Section 27A of the
U.S. Securities Act of 1933 and Section 21E of the U.S. Securities
Exchange Act of 1934. We have based these forward-looking
statements on our current expectation and projections about future
events. Such forward-looking statements are inherently subject to
known and unknown risks, uncertainties, assumptions about us and
other factors that may cause the actual performance, financial
condition or results of operations of SPIL to be materially
different from what may be implied by such forward-looking
statements. Investors are cautioned that actual events and results
could differ materially from those statements as a result of a
number of factors, including, among other things: -- the intensely
competitive personal computer, communications, consumer ICs and
non-commodity memory semiconductor industries and markets; --
cyclical nature of the semiconductor industry; -- risks associated
with global business activities; -- non-operating losses due to
poor financial performance of some of our investments; -- our
dependence on key personnel; -- general economic and political
conditions; -- possible disruptions in commercial activities caused
by natural and human induced disaster, including terrorist
activities and armed conflicts and contagious disease, such as the
Severe Acute Respiratory Syndrome; -- fluctuations in foreign
currency exchange rates; and -- other risks identified in our
annual reports on Form 20-F filed with the U.S. Securities and
Exchange Commission each year. The words "anticipate," "believe,"
"estimate," "expect," "intend," "plan" and similar expressions, as
they relate to us, are intended to identify a number of these
forward-looking statements. We undertake no obligation to update or
revise any forward-looking statements whether as a result of new
information, future events or otherwise. In light of these risks,
uncertainties and assumptions, the forward-looking events discussed
herein might not occur and our actual results could differ
materially from those anticipated in these forward-looking
statements. All financial figures discussed herein are prepared
pursuant to ROC GAAP on an unaudited unconsolidated basis. Audited
unconsolidated financial figures will be publicly announced upon
the completion of our audit process. The investment gains or losses
of our company for the three months ended Mar 31, 2009 reflect our
gains or losses attributable to the first quarter of 2009 unaudited
financial results of several of our investees which are evaluated
under the equity method. The unaudited unconsolidated financial
data for our company for the three months ended Mar 31, 2009, is
not necessarily indicative of the results that may be expected for
any period thereafter. -- Financial Tables to Follow -- SILICONWARE
PRECISION INDUSTRIES CO., LTD. UNCONSOLIDATED BALANCE SHEET As of
Mar 31, 2009 and 2008 (Expressed in Thousands of New Taiwan Dollars
(NTD) and U.S. Dollars (USD)) Mar 31, 2009 ASSETS USD NTD % Cash
and cash equivalent 544,042 18,448,478 26 Accounts receivable
206,924 7,016,786 10 Inventories 58,001 1,966,798 3 Other current
assets 42,035 1,425,398 2 Total current assets 851,001 28,857,460
41 Long-term investments 159,921 5,422,908 8 Fixed assets 1,986,765
67,371,191 94 Less accumulated depreciation (985,370) (33,413,908)
-47 Net fixed assets 1,001,394 33,957,283 47 Other assets 81,149
2,751,754 4 Total Assets 2,093,465 70,989,405 100 LIABILITIES AND
STOCKHOLDERS' EQUITY Liabilities Accounts payable 114,793 3,892,640
6 Current portion of long-term debt 22,053 747,807 1 Other current
liability 114,614 3,886,564 5 Long-term loans 66,158 2,243,420 3
Other liabilities 2,125 72,065 -- Total Liabilities 319,743
10,842,496 15 Stockholders' Equity Capital stock 929,693 31,525,899
44 Capital reserve 496,025 16,820,211 24 Legal reserve 150,076
5,089,066 7 Retained earnings 198,031 6,715,220 9 Unrealized gain
or loss on financial instruments 11,371 385,578 1 Cumulated
translation adjustment 11,947 405,119 1 Treasury stock (23,420)
(794,184) -1 Total Equity 1,773,722 60,146,909 85 Total Liabilities
& Shareholders' Equity 2,093,465 70,989,405 100 Forex ( NT$ per
US$ ) -- 33.91 -- (1) All figures are under ROC GAAP. SILICONWARE
PRECISION INDUSTRIES CO., LTD. UNCONSOLIDATED BALANCE SHEET As of
Mar 31, 2009 and 2008 (Expressed in Thousands of New Taiwan Dollars
(NTD) and U.S. Dollars (USD)) (Continued) Mar 31, 2008 Sequential
ASSETS NTD % Change % Cash and cash equivalent 24,296,049 28
(5,847,571) -24 Accounts receivable 9,208,870 11 (2,192,084) -24
Inventories 2,999,705 4 (1,032,907) -34 Other current assets
2,002,917 2 (577,519) -29 Total current assets 38,507,541 45
(9,650,081) -25 Long-term investments 7,580,254 9 (2,157,346) -28
Fixed assets 69,231,002 81 (1,859,811) -3 Less accumulated
depreciation (31,543,710) -37 (1,870,198) 6 Net fixed assets
37,687,292 44 (3,730,009) -10 Other assets 1,801,364 2 950,390 53
Total Assets 85,576,451 100 (14,587,046) -17 LIABILITIES AND
STOCKHOLDERS' EQUITY Liabilities Accounts payable 6,543,351 8
(2,650,711) -41 Current portion of long-term debt -- -- 747,807 --
Other current liability 6,499,430 7 (2,612,866) -40 Long-term loans
2,991,054 4 (747,634) -25 Other liabilities 116,668 -- (44,603) -38
Total Liabilities 16,150,503 19 (5,308,007) -33 Stockholders'
Equity Capital stock 30,746,975 36 778,924 3 Capital reserve
16,658,161 19 162,050 1 Legal reserve 3,340,131 4 1,748,935 52
Retained earnings 19,514,321 23 (12,799,101) -66 Unrealized gain or
loss on financial instruments (43,698) -- 429,276 -982 Cumulated
translation adjustment 4,242 -- 400,877 9450 Treasury stock
(794,184) -1 -- -- Total Equity 69,425,948 81 (9,279,039) -13 Total
Liabilities & Shareholders' Equity 85,576,451 100 (14,587,046)
-17 Forex (NT$ per US$) 30.40 -- -- -- (1)All figures are under ROC
GAAP. SILICONWARE PRECISION INDUSTRIES CO., LTD. UNCONSOLIDATED
INCOME STATEMENT (Expressed in Thousands of New Taiwan Dollars
(NTD) and U.S. Dollars (USD)) 3 months ended on Mar 31 1Q 2009 1Q
2008 YOY USD NTD % NTD change% Revenues 271,005 9,203,336 100.0
14,931,222 -38.4 Cost of Goods Sold (245,131) (8,324,659) -90.5
(11,846,459) -29.7 Gross Profit 25,874 878,677 9.5 3,084,763 -71.5
Operating Expenses Selling Expenses (3,154) (107,115) -1.2
(227,024) -52.8 Administrative Expenses (10,150) (344,682) -3.7
(319,429) 7.9 Research and Development Expenses (6,969) (236,658)
-2.6 (355,551) -33.4 (20,273) (688,455) -7.5 (902,004) -23.7
Operating Income 5,601 190,222 2.0 2,182,759 -91.3 Non-operating
Income 7,276 247,076 2.7 150,723 63.9 Non-operating Expenses
(3,540) (120,203) -1.3 (350,519) -65.7 Income from Continuing
Operations before Income Tax 9,337 317,095 3.4 1,982,963 -84.0
Income Tax Credit (Expenses) (1,629) (55,310) -0.6 (230,007) -76.0
Net Income 7,709 261,785 2.8 1,752,956 -85.1 Earnings Per Ordinary
Share -- Diluted -- NT$ 0.08 -- NT$ 0.56 -- Earnings Per ADS --
Diluted -- US$ 0.01 -- US$ 0.09 -- Weighted Average Outstanding
Shares -- Diluted ('k) -- 3,136,087 -- 3,120,054 -- Forex ( NT$ per
US$ ) -- 33.96 -- 31.52 -- (1) All figures are under ROC GAAP. (2)
1 ADS is equivalent to 5 Common Shares. SILICONWARE PRECISION
INDUSTRIES CO., LTD. UNCONSOLIDATED INCOME STATEMENT (Expressed in
Thousands of New Taiwan Dollars (NTD) and U.S. Dollars (USD))
(Continued) Sequential Comparison 1Q 2009 4Q 2008 QOQ NTD NTD
change% Revenues 9,203,336 12,448,823 -26.1 Cost of Goods Sold
(8,324,659) (10,048,951) -17.2 Gross Profit 878,677 2,399,872 -63.4
Operating Expenses Selling Expenses (107,115) (513,767) -79.2
Administrative Expenses (344,682) (319,656) 7.8 Research and
Development Expenses (236,658) (341,331) -30.7 (688,455)
(1,174,754) -41.4 Operating Income 190,222 1,225,118 -84.5
Non-operating Income 247,076 69,934 253.3 Non-operating Expenses
(120,203) (2,942,060) -95.9 Income from Continuing Operations
before Income Tax 317,095 (1,647,008) -119.3 Income Tax Credit
(Expenses) (55,310) 613,429 -109.0 Net Income 261,785 (1,033,579)
-125.3 Earnings Per Ordinary Share -- Diluted -- NT$ (0.33) --
Earnings Per ADS -- Diluted -- US$ (0.05) -- Weighted Average
Outstanding Shares -- Diluted ('k) -- 3,139,459 -- Forex ( NT$ per
US$ ) -- 32.98 -- (1) All figures are under ROC GAAP. (2) 1 ADS is
equivalent to 5 Common Shares. SILICONWARE PRECISION INDUSTRIES
CO., LTD. UNCONSOLIDATED STATEMENTS OF CASH FLOWS For 3 Months
Ended on Mar 31, 2009 and 2008 (Expressed in Thousands of New
Taiwan Dollars (NTD) and U.S. Dollars (USD)) 3 months, 2009 3
months, 2008 USD NTD NTD Cash Flows from Operating Activities: Net
income 7,720 261,785 1,752,956 Depreciation 61,561 2,087,520
2,017,868 Amortization 4,133 140,146 137,595 Gains on disposal of
long-term investment -- (5,871) -- Long-term investment gain
recognized by equity method 2,870 97,334 (16,262) Change in working
capital & others (46,656) (1,582,116) 2,187,582 Net cash flows
provided from operating activities 29,454 998,798 6,079,739 Cash
Flows from Investing Activities: Acquisition of property, plant,
and equipment (11,904) (403,680) (2,776,026) Proceeds from disposal
of long- term investment 973 32,980 18,827 Payment for long-term
investment -- -- (19,032) Payment for deferred charges/other
changes (790) (26,804) (114,416) Net cash used in investing
activities (11,722) (397,504) (2,890,647) Cash Flows from Financing
Activities: Proceeds from the exercise of employee stock option
/other charges (562) (19,054) (21,797) Net cash provided from
financing activities (562) (19,054) (21,797) Net increase
(decrease) in cash and cash equivalents 17,170 582,240 3,167,295
Cash and cash equivalents at beginning of period 526,872 17,866,238
21,128,754 Cash and cash equivalents at end of period 544,042
18,448,478 24,296,049 Forex ( NT$ per US$ ) -- 33.91 30.40 (1): All
figures are under ROC GAAP. Contact: Siliconware Precision
Industries Co., Ltd. No.45, Jieh Show Rd. Hsinchu Science Park,
Hsinchu Taiwan, 30056 http://www.spil.com.tw/ Janet Chen, IR
Director Tel: +886-3-5795678 #3675 Email: Byron Chiang,
Spokesperson Tel: +886-3-5795678 #3671 Email: DATASOURCE:
Siliconware Precision Industries Co., Ltd. CONTACT: Janet Chen, IR
Director, +886-3-5795678, ext 3675, or , or Byron Chiang,
Spokesperson, +886-3-5795678 ext 3671, or , both for Siliconware
Precision Industries Co., Ltd. Web site: http://www.spil.com.tw/
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